The Trump Taj Mahal is the one Atlantic City casino who hasn’t benefitted from the consolidation of the town’s gambling industry. A union picket is threatened over the loss of health insurance and other benefits.
Atlantic City video gaming may technically be losing speaking, but your house is still winning general.
The newest Jersey beachside resort is not packing into the tourists in the same way so it once did, but the news is not all harmful to those casinos which have decided to stick it down.
The eight remaining resorts in Atlantic City have seen their revenues and profits rise through initial half of 2015, even while the market that is overall gambling in Atlantic City seems to be shrinking.
In accordance with the New Jersey Division of Gaming Enforcement, revenue for the gambling enterprises being still operating was up 3.5 percent throughout the first 6 months of the season in comparison to the same period in 2014, inspite of the undeniable fact that overall revenues are down 11.8 percent.
The distinction arises from the actual fact that there have been still 11 casinos open through the end of last June, making a true apples-to-apples contrast of the two markets difficult.
Less Casinos Dividing Smaller Market
Nevertheless, the overall trend seems to be clear. While the general size of this Atlantic City market has shrunk, the fact four casinos closed in the city this past year meant that the average revenue per casino went up, creating a tremendously profitable situation for those properties able to survive the revolution of closures.
In fact, year-over-year gross operating profits rose significantly more than 27 percent year-over-year, with the eight casinos making $213 million between them so far in 2015. Even after accounting for taxes and other obligations, the gambling enterprises are making additional money compared to 2014.
In fact, seven of the eight casinos have seen their profits increase this year. The winner that is biggest has been the Borgata Casino Hotel, which saw its net revenues pump up by nearly $25 million through June.
However the most result that is impressive attended from the Golden Nugget. Over days gone by year, the Nugget happens to be performing well in both its live and online operations, and managed a $7.7 million operating profit in the 1st half of 2015, representing a whopping 902 percent enhance within the $776,000 it made during exactly the same period last year.
Trump Taj Mahal Struggles with Bankruptcy, Union Relations
But, one casino has not enjoyed the windfall that the remainder town is experiencing. That difference is one of the Trump Taj Mahal, the beleaguered resort that is currently going right through bankruptcy procedures and that nearly became the fifth casino to close year that is last.
Apparently, the name ‘Trump’ doesn’t have the magical powers in a casino that its namesake presidential candidate has demonstrated in the GOP run off so far. Although things never have always been therefore.
In 2014, the Trump Taj Mahal wasn’t exactly breaking the bank, nonetheless it was profitable. It took in $1.8 million in profits throughout the first six months of the year. But the turmoil within the property seemingly have taken a toll, as the Taj Mahal destroyed more than $900,000 in the first half of 2015.
The Taj Mahal has more trouble brewing this as the union that represents most of its casino workers is threatening a strike against the resort week. The union, Local 54 of Unite-HERE, was fighting for the restoration of health and retirement benefits that the casino was able to remove from workers during bankruptcy procedures last October.
The casino is operated by Trump Entertainment Resorts, a company that is in the entire process of being purchased by billionaire Carl Icahn. An appeals court is expected to rule on whether the union employees should have their benefits resorted, though Icahn has threatened to shut the Taj Mahal down in the event that court rules in the union’s favor.
Bwin.party Wishes Firm Bid from GVC
Bwin.party CEO Norbert Teufelberger is those types of weighing takeover offers from both 888 Holdings and GVC Holdings. (Image: Newscast)
Bwin.party is apparently an extremely desirable purchase, once the battle between GVC Holdings and 888 Holdings generally seems to see each potential buyer outdo the other on a regular basis.
The twist that is latest within the ongoing saga has seen GVC once more chilli pokie machine for sale again prepare to outbid 888 for the online gambling company, with the bwin.party board now asking GVC to clarify a formal bid so that they can decide how to respond to the offer that is latest.
Right now, all signs remain pointing towards 888 having the upper hand in the competition to get bwin.party.
On 17, the bwin.party july board unanimously recommended accepting a bid from 888 that will probably be worth 104.09 pence ($1.60) per share, and up to now, they have made no suggestions that they are backing away from that offer.
GVC Bid Offers More Immediate Value
But there is no guarantee that things won’t change in the future that is near. GVC has made strides in order to make their bid as attractive as possible to bwin.party shareholders, first putting in a bid 110 pence ($1.69) and then upping their off to 124 pence ($1.91) per share so as to entice bwin.party.
The latest bid would see GVC offer bwin.party stockholders £0.25 ($0.39) in cash because well as 0.231 shares for every share that is bwin buy. That means the offering that is mixed continue to improve value in the future, predicated on movement in GVC’s stock.
The big concern may be that provide proposes more growth for people stockholders as time goes by.
While GVC could be providing more to bwin.party’s owners right from the start, you can find no doubts that 888 can fully integrate with the online gaming operator, while the bwin.party board may be less certain about a future with GVC.
However, if GVC can gain the confidence of the bwin.party board, the additional value in their takeover bid could make the difference.
‘If GVC’s administration can convince Bwin’s board and advisors that these synergies are real and deliverable, 888 will have to sweeten its own offer to emerge victorious,’ stated Peel Hunt analyst Nick Batram.
Update Expected By 1 september
Bwin.party has said that they expect you’ll provide an update in the takeover battle by 1, which may mean that GVC will have to clarify their bid before the end of the month september. a statement that is bwin on Thursday stated they are still waiting for certainty on the best possible terms GVC is willing to offer.
‘Bwin.party has expected GVC to clarify, with respect to its proposal, the best terms on which GVC is ready to produce a formal offer to acquire all of the issued and also to be issued shares in bwin.party,’ the statement read.
According to reports, 888 has been made aware regarding the possibility of bwin.party to reconsider a bid from GVC. Bwin.party also says they gives notice that is due 888 should the board consider suggesting a new GVC offer.
The back and forth battle to obtain bwin.party comes at a right time when mergers and consolidation are getting to be prevalent in the gambling industry. Numerous have attributed this to increasing regulation and taxation of this industry, particularly in britain and other European countries, which has caused companies to seek means in which they are able to increase scale while cutting costs.
Just this week, a merger agreement between Betfair and Paddy Power was announced by the two companies. The mix of those two organizations would make the team one of the largest gambling entities in the world.
Phil Ivey Suggests Borgata Used Booze and Boobs to Target Him
Ivey claims free drink and curvaceous women had been a ploy by the Borgata to make him generate losses. (Image: PA)
Phil Ivey’s protracted battle with Atlantic City’s Borgata Casino took another turn this after the poker star claimed the casino tried to manipulate him and cloud his judgment week.
The $9.6 million session, which happened right back in 2011, has since entered into poker folklore, but for Ivey the battle to receive some compensation continues to be really real.
Although he has never denied that he used advantage sorting techniques to gain the upper hand, he has argued from the Borgata’s declare that his tactics were a form of cheating.
That it Ivey shouldn’t be given his $9.6 million winnings), he has since filed a countersuit while he initially contested the Borgata’s legal case (a case which argued.
Ivey Data a Countersuit
Within his countersuit, Ivey claims that the cards utilized during the game were damaged intentionally to harm their defense.
Moreover, Ivey’s suit claims that the Borgata employee acknowledged ‘cutting tolerances’ in playing cards and that Ivey never touched the cards himself.
With this suit in motion, Ivey’s appropriate team has since given testimony that is further behalf of the poker player. Following a suggestion from the Borgata that it had been actually him who was targeted by the casino that it was the victim in the case, Ivey has spoken out and explained.
Asserting that he is a professional gambler and, therefore, knows the methods casinos used to gain a benefit over players, Ivey explained that he had beenn’t resistant to the tactics of manipulation used by the Borgata.
‘As a gambler that is professional Defendant Ivey is well aware of Borgata’s methodology in attempting to distract and impair its patrons’ judgment with alcohol and scantily-clad cocktail waitresses,’ read Ivey’s appropriate document.
Boobs and Booze a Familiar Tactic
Instances of models being recruited as waitresses and appearing under the banner associated with the Borgata Babes have for ages been the discussion of various travel and gambling discussion boards. Ivey believes he saw such tactics in operation during his high stakes session.
‘The Borgata was plying him with free alcohol served by just the most curvaceous and voluptuous females in the industry,’ reported Ivey’s legal documents.
Along with this argument, Ivey’s defense team argues that the Borgata has previously admitted that advantage sorting is just ’50 percent effective’; which implies that Ivey might have still have needed luck and skill to win almost ten dollars million.
A resolution that is speedy the situation seems extremely unlikely at this aspect; however, exactly what is clear is that Ivey is not ready to fold his hand and present through to the $9.6 million pot as of this time.